The crypto market is surging, with prices soaring and investor excitement escalating. Among the top performers in this bullish trend is PEPE, experiencing a notable price surge. This prompts the question: what's driving PEPE's price up, and can it maintain this momentum?
How has the PEPE Coin Price Moved Recently?
Currently, Pepe Coin is priced at $ 0.00001422, with a 24-hour trading volume hitting $ 2.38B. Its market cap stands at $ 5.98B, while it maintains a market dominance of 0.24%. Over the last 24 hours, the PEPE price has risen by 3.76%.
The highest recorded price for Pepe Coin was on May 23, 2024, reaching an all-time high of $ 0.00001569. Conversely, its lowest price occurred on Apr 14, 2023, plummeting to an all-time low of $ 0.0₁₀1057. Following its all-time high, the lowest price since then has been $ 0.00001347 (cycle low), while its highest price post-cycle low reached $ 0.00001448 (cycle high). Currently, sentiment around Pepe Coin's price prediction is bullish, with the Fear & Greed Index showing 74 (Greed).
Pepe Coin boasts a circulating supply of 420.69T PEPE out of its maximum supply of 420.69T PEPE.
Why is PEPE Price UP?
Pepe's price underwent consolidation from May 13th to May 21st before breaking out explosively. This surge was largely fueled by the approval of the spot Ethereum ETF, a significant catalyst given Pepe's status as an ERC20 token.
The current price action for Pepe remains bullish, with buyers defending against attempts by bears to drive prices down. A solid support base has formed around the $0.00001380 mark, having been tested twice already.
Moreover, Pepe's price action demonstrates a pattern of forming higher lows and higher highs, indicating an upward trend. Additionally, Pepe's price sits comfortably above both the 50-day and 200-day simple moving averages (SMA), signaling further bullish sentiment.
As Pepe continues its ascent, key resistance levels to watch for are at $0.00001439 and $0.00001576. Surpassing these levels would propel Pepe into a price discovery phase.
Conversely, if bears gain control, crucial support levels lie at $0.00001108 and $0.00000777.
Will Pepe Coin Hit $1 In June?
Considering the remarkable performance of PEPE over the past year, where its price has surged by an impressive 891%, it's evident that this cryptocurrency has been outperforming a significant portion of the market. In fact, PEPE has surpassed 94% of the top 100 crypto assets, including stalwarts like Bitcoin and Ethereum. This exceptional growth trajectory is further supported by PEPE's current position above the 200-day simple moving average, indicating sustained bullish momentum.
Moreover, with 17 green days out of the last 30, comprising 57% of the period, PEPE demonstrates consistent upward movement. Trading near its cycle high, PEPE exhibits resilience and potential for further growth. Additionally, its high liquidity, reflected in its substantial market capitalization, provides a solid foundation for continued price appreciation. Based on these factors, it's plausible to anticipate that PEPE could indeed continue its momentum even in June.
